CHICAGO (ELCA) – The Evangelical Lutheran Church in America (ELCA) was granted a federal charter July 7 to create the ELCA Federal Credit Union. The new credit union will provide products and services to the denomination's 3.8 million members in nearly 10,000 congregations and employees of the ELCA's 65 synods and churchwide organization. The credit union joins the three existing financial services ministries of the ELCA.
The charter was granted to the ELCA through the Office of Consumer Protection of the National Credit Union Administration (NCUA) – an independent federal agency created by Congress to regulate, charter and supervise federal credit unions.
"This new credit union is a very practical example of 'We Are Church Together,'" said the Rev. Elizabeth Eaton, ELCA presiding bishop. "The services provided by the credit union will be a great support to individual members, congregations and synods."
The ELCA Federal Credit Union is expected to open in the first quarter of 2016. During its first year of operations, the credit union plans to offer the following products and services:
- regular shares
- share drafts
- share certificates
- money market shares
- IRA/Keogh accounts
- credit cards
- auto loans
- unsecured loans
- online banking
- online bill payment
- mobile banking
- ATM access
- direct deposit
"I'm excited to be a charter member of an ELCA credit union that will serve our members and ministries across the United States, Puerto Rico and the U.S. Virgin Islands," said the Rev. Linda Norman, ELCA treasurer. "The launch of the ELCA Federal Credit Union is a sign of both the newness and the potential in our life together as church."
"One of the most satisfying things that NCUA does is to charter new credit unions," said Debbie Matz, chair of NCUA's board. "It's even more satisfying when the new credit union has the potential to provide access to affordable financial products and services to 4 million Americans. I want to congratulate everyone involved for their hard work in establishing the ELCA Federal Credit Union. NCUA stands ready to work with other religious groups interested in chartering new credit unions."
The NCUA's release about the ELCA Federal Credit Union is available at http://www.ncua.gov/News/Pages/NW20150707Charter.aspx.
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About the Evangelical Lutheran Church in America:
The ELCA is one of the largest Christian denominations in the United States, with 2.8 million members in more than 8,500 worshiping communities across the 50 states and in the Caribbean region. Known as the church of "God's work. Our hands.," the ELCA emphasizes the saving grace of God through faith in Jesus Christ, unity among Christians and service in the world. The ELCA's roots are in the writings of the German church reformer Martin Luther.
For information contact:
Candice Hill Buchbinder
Public Relations Manager
Candice.HillBuchbinder@ELCA.org
